The global medium voltage cable and accessory market size is projected to reach USD 52,266.9 million in 2024. It is anticipated to surge at a CAGR of 5.7% during the forecast period and will likely attain a value of USD 90,953.8 million by 2034. This growth is estimated to result in an expansion of 1.7x in terms of sales during the forecast period.
The high demand for medium voltage cables and accessories is directly related to several infrastructure development products taking place across the globe. This includes the ongoing construction of commercial and residential buildings as well as growth in the transportation network.
The aforementioned developments necessitate a robust electrical infrastructure to accommodate the rising energy demands, resulting in an increased requirement for medium-voltage cables and accessories. As countries invest in modernizing and expanding their power transmission and distribution networks, the demand for reliable and efficient medium-voltage cables and accessories is projected to continue to rise.
| Attributes | Description |
|---|---|
| Estimated Global Medium Voltage Cable and Accessory Market Size (2024E) | USD 52,266.9 million |
| Projected Global Medium Voltage Cable and Accessory Market Value (2034F) | USD 90,953.8 million |
| Value-based CAGR (2024 to 2034) | 5.7% |
Technical improvements and the rising adoption of renewable energy sources are anticipated to increase the demand for medium-voltage cables and accessories. Solar and wind power require efficient medium voltage cables and accessories to transmit electricity from generation sites to distribution networks. Changes in energy regulations like the shift toward renewable energy and the rise of energy efficiency initiatives are likely to influence the investment patterns of the power sector and the demand for medium voltage cables and accessories.
Smart city initiatives in several countries require the integration of smart grid technologies. It necessitates cutting-edge medium voltage cables and accessories that are capable of supporting bidirectional energy flow, data communication, and voltage regulation for enhanced grid reliability and efficiency.
Power distribution systems are being increasingly integrated with digitization and automation technologies. These are further necessitating the installation of innovative cables that are capable of supporting intelligent monitoring, predictive maintenance functions, and diagnostics.
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The table below showcases the projected CAGRs for the global medium voltage cable and accessory industry over semi-annual periods ranging between 2023 and 2024. The examination provides companies with a better understanding of the growth rate over the year by divulging crucial shifts in performance and growth patterns. The first half (H1) of 2023 spans from January to June. The second half or H2 includes July to December.
Figures showcased in the table exhibit the growth rate for each half between 2023 and 2024. The market was projected to grow at a CAGR of 10.8% in the first half (H1) of 2023. The second half of the same year shows a surge in the growth rate at a CAGR of 11.7%.
| Particular | Value CAGR |
|---|---|
| H1 | 10.8% (2023 to 2033) |
| H2 | 11.7% (2023 to 2033) |
| H1 | 11.1% (2024 to 2034) |
| H2 | 12% (2024 to 2034) |
Preceding in the following period, from H1 2024 to H2 2034, the CAGR is estimated to slightly decrease to 11.1% in the first half (H1) and then substantially surge to 12% in the second half (H2).
Digital Transformation in the Industry Assists in Increasing Productivity
The integration of the Internet of Things (IoT) is a prime trend in the industry. Prominent companies, including Siemens AG and Schneider Electric, are spearheading digital transformation initiatives in the market.
Siemens AG is progressively integrating Internet of Things (IoT) technologies in its cable accessories to enable remote and predictive maintenance. The company’s cloud-based tools analyze real-time data from medium-voltage networks to improve performance and reliability.
Schneider Electric, on the other hand, develops smart solutions to increase operational efficiency and decrease long-term expenses for medium-voltage facilities. Renowned companies deploy predictive analytics and artificial intelligence (AI) systems to anticipate equipment failures and optimize maintenance schedules.
Digital innovations as such hasten the adoption of smart grid technology and increased grid resilience. This further helps in assisting utilities and industrial sectors to achieve high productivity and complete their sustainability targets.
Rising Trend toward Underground Cabling is Accelerating Demand Worldwide
Medium voltage cables and accessories are set to be used to deliver electricity to consumers from the distribution networks. This distribution can either be done through overhead electric cable lines or underground electric cable lines. Rising demand for electricity has resulted in the rapid growth rate of electric supply, thereby increasing the requirement for medium-voltage electric cables.
Medium voltage electric cables are primarily used for the supply of electricity to residential and commercial buildings. The utilization of medium voltage electric cables is expanding as a core technology in distribution networks to provide support to smart grid solutions. Cables up to 36 kV are generally used to connect low-voltage networks to the principal distribution network.
Medium voltage electric cables are increasingly being used owing to their easy maintenance as they assist in reducing overall operational costs. The single-core and multi-core medium voltage electric cables are increasingly used to connect transformers or substations. These cables are available in 1,000-meter lengths and 500-meter lengths, suiting various needs.
There is a rising trend to switch overhead distribution lines to underground cabling for electricity distribution. This shift is likely to assist in achieving high reliability and safety, reduced environmental impact, and improved installation cost.
Regulatory Compliance Can Create a Challenge for Expansion
Regulatory standards and compliance are one of the key barriers to growth in the medium voltage cable and accessory market. Government authorities across the globe are enforcing severe regulations to guarantee the safety, reliability, and environmental sustainability of the electric infrastructure. These standards establish specifications and performance requirements for medium voltage cables and accessories, including couplings, terminations, and other accessories, further creating challenges for suppliers and manufacturers.
For instance, the International Electrotechnical Commission (IEC) along with the national regulatory agencies set criteria for insulation materials, fire resistance, voltage ratings, and environmental effects. Compliance with these regulations necessitates extensive testing, continuous quality assurance procedures, and certifications that increase the cost and complexity of product development and manufacturing.
Principal Consultant
The global medium voltage cable and accessory industry was valued at USD 45,227 million in 2019. It grew at a CAGR of 2.4% during the historical period spanning from 2019 to 2023. It attained a value of USD 49,786 million in 2023.
The COVID-19 pandemic caused a slowdown in production and supply chain activities owing to the continuous lockdowns and travel restrictions across the globe. The pandemic had a significant impact on the global economy, including medium voltage cable and accessories. The market experienced a notable drop in demand in 2020.
The effect of the pandemic was especially severe on the supply side. Supply capabilities, however, surged steadily from 2023 with the ease of lockdown and travel restrictions. Manufacturers are planning to ramp up their production processes in the coming decade.
The industry is projected to reach a value of USD 52,266.9 million by 2024 and is further likely to rise at a CAGR of 5.7% through 2034. The overall market is estimated to reach a size of USD 90,953.8 million by 2034.
The high growth rate during the assessment period is prominently attributed to the electrification initiatives across the globe. Government authorities in several countries are promoting electrification in transportation and various industrial sectors, thereby stimulating the demand for medium-voltage cables and accessories.
Nations worldwide are rapidly adopting high electricity consumption and charging infrastructure requirements. They are accommodating this raised demand through the deployment of medium voltage cables and accessories in their grid systems.
The industry is projected to witness an increased demand for modular and flexible solutions. This is further anticipated to lead to the rising demand for these cables and accessories as they enable easy installation, maintenance, and scalability.
Tier 1 primarily consists of companies with annual revenues exceeding USD 500 million. These companies capture a significant share ranging from 30% to 35% in the global market. The industry leaders are characterized by high production capacity and a wide product portfolio.
The organizations are distinguished by their expertise in manufacturing and a broad geographical reach that is underpinned by a robust consumer base. These enterprises provide a wide range of products and services as well as utilize modern technology to meet regulatory standards. Prominent companies in Tier 1 include PRYSMIAN S.p.A., Sumitomo Electric Industries, Ltd., Nexans SA, EL Sewedy Electric Company, LS Cable & System Ltd., Marmon Industrial Energy & Infrastructure, and NKT A/S.
Tier 2 is primarily made up of mid-sized companies operating at the local level. These firms serve niche medium voltage vendors with low revenue. These companies are notably oriented toward fulfilling local demands. They may not have access to cutting-edge technologies like companies in Tier 1 but use good technology and ensure regulatory compliance.
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The section provides businesses with an overview of the industry. It consists of a detailed analysis of the emerging trends and opportunities on a country-by-country basis. This country-specific examination of the dynamics is projected to help companies understand the complex nature of the market.
The examination consists of key factors, potential challenges, and forecasts influencing the demand, production, and consumption of the product within each country. It aims to assist organizations make informed decisions and develop effective strategies customized to individual countries.
China is projected to emerge as a dominating country during the forecast period with an anticipated CAGR of 6.6% through 2034. Russia, India, and Japan are estimated to follow closely behind to become the key countries with expected CAGRs of 6.4%, 6%, and 5.8%, respectively.
| Countries | CAGR 2024 to 2034 |
|---|---|
| China | 6.6% |
| Russia | 6.4% |
| India | 6% |
| Japan | 5.8% |
| United States | 5.1% |
India is experiencing rapid urbanization, with its towns and cities anticipated to house 600 million people, or 40% of the population, by 2036. These figures are up from 31% in 2011. Urban areas are projected to contribute around 70% of the GDP. This urban transformation requires effective management for India’s ambition to become a developed country by 2047.
By 2036, India will likely be required to invest USD 840 billion in infrastructure, averaging USD 55 billion or 1.2% of GDP per annum. Between 2011 and 2018, however, the country’s total capital expenditure on urban infrastructure averaged only 0.6% of its GDP, highlighting the need for increased investment.
According to the World Bank, the country saw an 8.7% GDP growth in 2022, signifying a strong recovery after the COVID-19 pandemic. Rapid expansion of infrastructure in India is anticipated to push the need for medium-voltage cables and accessories. Increasing residential and commercial construction in the country is also likely to boost the requirement for sub-meters to manage energy consumption and billing in densely populated areas.
As of early 2024, China’s GDP stands at about USD 17.79 trillion, with a projected growth rate of 5% for the year. It follows a stronger-than-expected growth rate of 5.3% in the first quarter. The expansion of industries and commercial buildings requires detailed energy monitoring to manage consumption and enhance efficiency, accelerating the need for medium-voltage cables and accessories.
Rapid development of smart cities in China is a key factor driving demand for medium-voltage cables. Constant development and implementation of smart city technologies in metropolitan areas pose the need for effective energy management.
Estimates for smart city solutions in China vary, with some local enterprises estimating a USD 1.1 trillion market in 2018 and a 33% compound annual growth rate between 2018 and 2022. Medium voltage cables and accessories are an essential component of smart city infrastructure, as these enable efficient energy distribution and consumption monitoring while encouraging sustainable and intelligent urban life.
The United States medium voltage cable and accessory market size is projected to reach USD 5,034.0 million by 2034. The demand for electric submeters in the country is set to rise at a CAGR of 6% through 2034.
The Grid Resilience and Innovation Partnerships (GRIP) Program, run by the Department of Energy (DOE) under the Bipartisan Infrastructure Law in the United States has significantly impacted the medium voltage cable and accessory technology. As of November 14, 2023, the Biden-Harris Administration has pledged up to USD 3.9 billion in funding to broaden grid infrastructure and encourage private sector engagement for fiscal years 2024 and 2025.
On October 18, 2023, the DOE pledged USD 3.46 billion to 58 projects across 44 states to increase grid resilience and reliability. These investments aim to increase the medium voltage cable and accessories business by promoting contemporary energy management and smart grid technology, ensuring reliable and efficient electricity access in American communities.
The section provides businesses with insightful data and analysis of the two leading segments. Segmentation of these categories assists organizations in understanding the dynamics and investing in the beneficial zones.
Examination of the growth helps companies gain a thorough understanding of the trends, opportunities, and challenges. This analysis is likely to help organizations in navigating the complex business environment and make informed decisions.
Cables are anticipated to dominate the product type segment with a value CAGR of 5% from 2024 to 2034. In terms of installation, underground installation is set to lead with a value share of 58.9% in 2024.
| Segment | Cables (Product Type) |
|---|---|
| Value CAGR (2024 to 2034) | 5% |
Based on product type, the cables segment is anticipated to dominate by showcasing a CAGR of 5% through 2034. Cables have a lengthy track record of reliable performance, making them an excellent choice for high-voltage applications. Their robust design provides considerable mechanical strength and resistance to external forces, ensuring lifespan and safety.
Medium voltage cables are usually less expensive compared to cross-linked polyethylene (XLPE) cables, particularly over short transmission distances. These cables operate well in high-temperature environments, making them suitable for demanding industrial applications. Medium voltage cables are employed in a range of applications, including industrial power distribution, wind farms, and substations, resulting in their widespread adoption.
| Segment | Underground (Installation) |
|---|---|
| Value Share (2024) | 58.9% |
The underground installation segment is estimated to account for the leading share of 58.9% in the medium voltage cable and accessory market in 2024. Underground cables are mainly utilized to deliver power to populous regions.
Renovation projects in developed countries are adopting the trend of switching to underground cabling for electricity distribution, thereby driving the demand for underground installations. They provide several advantages, including minimal transmission losses, the ability to absorb emergency power loads, cheap maintenance costs, and reduced vulnerability to changing weather conditions.
Key players in the industry include Marmon Industrial Energy & Infrastructure, Prysmian Group, Nexans, NKT A/S, ABB, Brugg Cables, Riyadh Cables Group Company, and ZTT. The global market is highly competitive with the presence of several leading players. These leaders are striving to engage in partnerships and collaborations with local cable and accessories providers to enhance their presence in emerging countries. The market is an important part of the electrical infrastructure industry as these accessories are essential for electricity distribution systems, industrial uses, and commercial buildings.
Prominent players like ABB and Siemens AG are promoting technological innovation in the industry. ABB is working on creating new insulating materials, such as cross-linked polyethylene (XLPE) with better electrical properties and thermal stability. These materials also incorporate smart grid technology that will likely assist in enhancing cable monitoring and management capabilities.
Siemens AG uses IoT to deliver predictive maintenance solutions for medium-voltage networks. The firm’s digital platforms support real-time data analytics that improve operational efficiency and reduce downtime through proactive maintenance scheduling. These innovations not only improve reliability but also help reduce energy consumption and promote sustainability.
Industry Updates
In terms of product type, the industry is segregated into cables (1 kV to 5Kv, 6 kV to 15 kV, and 16 kV to 35 kV), cable joints, cable terminations, cable glands, cable lugs, cable cleats, cable markers, and others.
By insulation material, the industry is divided into XLPE, HEPR, EPR, PILC, and others.
By installation, the industry is segmented into underground, overhead, and submarine.
By end-use industry, the industry is segmented into residential, commercial, and industrial. The industrial segment is further classified into energy and power, building and construction, oil and gas, data centers, marine, chemical and petrochemical, and others.
North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia, and the Middle East and Africa are the main regions covered in the report.
The market is anticipated to reach USD 52,266.9 million in 2024.
The market is set to reach USD 90,953.8 million by 2034.
Installation environment, cable routing, and safety are a few factors.
Marmon Industrial Energy & Infrastructure, Prysmian Group, Nexans, NKT A/S, ABB, Brugg Cables, Riyadh Cables Group Company, and ZTT are the key players.
The industry is projected to rise at a CAGR of 5.7% from 2024 to 2034.
XLPE (cross-linked polyethylene), EPR (ethylene propylene rubber), and paper insulated lead covered (PILC) cables are the main types.
China is set to dominate with a CAGR of 6.6% during the forecast period.
1. Executive Summary
2. Industry Introduction, including Taxonomy and Market Definition
3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments
4. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections
5. Pricing Analysis
6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034
6.1. Product Type
6.2. Insulation Material
6.3. Installation
6.4. End-Use Industry
7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Product Type
7.1. Cable
7.1.1. 1 kV to 5kV
7.1.2. 6 kV to 15 kV
7.1.3. 16 kV to 35 kV
7.2. Cable Joints
7.3. Cable Terminations
7.4. Cable Glands
7.5. Cable Lugs
7.6. Cable Cleats
7.7. Cable Markers
7.8. Others
8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Insulation Material
8.1. XLPE
8.2. HEPR
8.3. EPR
8.4. PILC
8.5. Others
9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Installation
9.1. Underground
9.2. Overhead
9.3. Submarine
10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End-Use Industry
10.1. Residential
10.2. Commercial
10.3. Industrial
10.3.1. Energy & Power
10.3.2. Building & Construction
10.3.3. Oil & Gas
10.3.4. Data Centers
10.3.5. Marine
10.3.6. Chemical & Petrochemical
10.3.7. Others
11. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
11.1. North America
11.2. Latin America
11.3. Western Europe
11.4. Eastern Europe
11.5. East Asia
11.6. South Asia Pacific
11.7. Middle East and Africa
12. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
13. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
14. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
15. Eastern Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
16. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
17. South Asia Pacific Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
18. Middle East and Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
19. Sales Forecast 2024 to 2034 by Product Type, Insulation Material, Installation, and End-Use Industry for 30 Countries
20. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard
21. Company Profile
21.1. Marmon Industrial Energy & Infrastructure
21.2. Prysmian Group
21.3. Nexans
21.4. NKT A/S
21.5. ABB
21.6. Brugg Cables
21.7. Riyadh Cables Group Company
21.8. ZTT
21.9. Sumitomo Electric Industries, Ltd
21.10. EL Sewedy Electric Company
21.11. FURUKAWA ELECTRIC CO., LTD.
21.12. Tratos
21.13. Universal Cables Ltd.
21.14. Synergy Cables
21.15. Southwire Company, LLC
21.16. LS Cable & System Ltd.
21.17. KEI Industries Limited
21.18. Hellenic Cables
21.19. Gaon Cable Co. Ltd.
21.20. The Okonite Company
Industrial Automation
May 2024
REP-GB-19640
323 pages
Industrial Automation
October 2023
REP-GB-18011
350 pages
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Medium Voltage Cable and Accessory Market
